Cirrus Market Outlook: When Investors Chase the “Pick and Shovels” of the AI Trade.

The current run-up in the market appears to be an echo of the Y2K/Internet melt-up. In both periods, we experience a dramatic surge in Technology spending, effectively pulling technology consumption several years in advance, and allowing markets to chase the sector with reckless abandon. In both instances, a sharp break occurs followed by a major dead-cat bounce. Without a recessionary break to drive interest rates lower, or risk-taking measures overheating, a trending market that chases Mega Cap Tech will remain in place.

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